Join our Telegram channel to stay up to date on breaking news coverage
Electric vehicle giant Tesla has transferred bitcoin holdings worth more than $765 million to unknown wallets, sparking speculation about Elon Musk's crypto strategy.
The electric vehicle manufacturer moved his entire stash of 11,500 btc on October 15 in 26 transactions, the first activity of its crypto wallet since June 2022, according to Arkham Intelligence.
Tesla, which was the fourth-largest holder of bitcoin among publicly traded companies in the US, did not comment on why it moved the digital assets. Tesla's tracked wallets now contain just $6.74 worth of bitcoin.
<blockquote class="twitter-tweet” data-width=”550″ data-dnt=”true” wp_automatic_readability=”6.5853658536585″>
TESLA JUST MOVED ANOTHER $260M btc
TOTAL MOVED: $760M pic.twitter.com/ukAcHW1EZC
– Arkham (@ArkhamIntel) twitter.com/ArkhamIntel/status/1846305722205696079?ref_src=twsrc%5Etfw”>October 15, 2024
According BitcoinTreasures According to data, only MicroStrategy (MSTR), Marathon Digital (MARA), and Riot Platforms (RIOT) have larger btc reserves than Tesla.
Tesla made headlines in February 2021 when it announced a $1.5 billion investment in bitcoin (btc). Since then, the market has closely followed Tesla's btc holdings.
Tesla sold bitcoin due to environmental concerns
In June 2022, Tesla sold a large portion of its btc holdings, citing environmental concerns over the heavy reliance on fossil fuels, particularly coal, to power bitcoin mining operations.
Plans to allow the use of bitcoin for payments were also abandoned over environmental concerns.
Musk's position on bitcoin is opaque, although he has long been a big fan of the meme coin Dogecoin.
“There is some merit in bitcoin, and perhaps some other cryptocurrency,” he said in a July interview.
The company has not made any official comment on the movement of bitcoin holdings, leaving investors waiting. stocks/tsla/earnings#google_vignette”>Tesla Third Quarter Earnings Reportscheduled for Oct. 23, to learn about the thinking behind the move.
Related articles
Most Wanted crypto Launch: Pepe Unchained
- Layer 2 Meme Coin Ecosystem
- Featured on Cointelegraph
- SolidProof and Coinsult audited
- Staking Rewards – pepeunchained.com
- Over $10M Raised in ICO – Ends Soon
Join our Telegram channel to stay up to date on breaking news coverage
<script async src="//platform.twitter.com/widgets.js” charset=”utf-8″>
